Apr. 16, 2012 (China Knowledge) - Temasek Holdings Pte Ltd, Singapore's sovereign wealth fund, has agreed to purchase US$2.3 billion worth of H-shares of Industrial and Commercial Bank of China or ICBC<601398
>, the world's biggest lender by market value, from Goldman Sachs Group Inc.
The target H-shares account for 1.3% of total ICBC shares, said a Temasek spokesperson, adding that Temasek would have approximately 5.3% stakes in the Chinese lenders' H shares after the deal.
A person familiar with the matter noted that Goldman sold the ICBC shares at HK$5.05 apiece, a 3.1% discount to the lender's closing price last Friday.
Goldman also expects to sell roughly US$200 million of ICBC shares to other institutional investors. After the sales, Goldman will have roughly US$3 billion of ICBC shares remaining.
Temasek, which owns stakes in three of the China's Big Four banks, acquired stakes in China Construction Bank Corp or CCB<601939
> from Bank of America Corp last year, bringing its shareholdings in CCB to nearly 10%, sources reported.